Financial Highlights

TABLE 11: Financial Statement Summary Data (dollars in thousands), See Full Report, Page 46

These financial highlights provide an overview and analysis of the FY 2014 financial statements of the Architect of the Capitol (AOC). The independent auditor, Cotton & Company, audited AOC’s Balance Sheets for the fiscal years ending September 30, 2014 and 2013, along with the accompanying Statements of Net Cost, Changes in Net Position and Budgetary Resources. AOC received an unmodified (clean) financial statement audit opinion for the 10th consecutive year.

AOC considers an annual independent audit an integral part of its financial management. An unmodified opinion provides reasonable assurance that the financial statements are free of material misstatement. Reasonable assurance, while not absolute, is nonetheless a high level of assurance. Footnote 6  AOC is proud of its record of producing reliable annual financial statements, but also recognizes that more progress is required to fully adopt best financial practices such as those found in the CFO Act and subsequent federal legislation. Accordingly, AOC is diligently working to maintain seamless financial systems and processes, generate reliable cost and performance information and analyses and undertake other value-added activities that support 

Footnote 6 The term reasonable assurance includes the understanding that there is a remote likelihood that material misstatements, due to inherent limitations, may not be prevented or detected in a timely manner.